A pullback in Micron Technology (NasdaqGS: MU) shares weighed on exchange traded funds following the semiconductor sector on Monday. Micron shares were falling on high volume in morning action after the stock failed to find support at its 50-day moving average. “Micron’s price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 50-day,” TradersHuddle.com said on Monday. [Micron Technology Decline Hits Semiconductor ETFs]
Exchange traded funds indexed to the U.S. financial sector lost ground Monday after Citigroup’s (NYSE: C) 1-for-10 reverse split although some Wall Street analysts are bullish on the stock. Citi shares slipped 2%. The stock is a top holding in sector ETFs such as Financial Select Sector SPDR Fund (NYSEArca: XLF). [Financial ETFs Lower After Citigroup Reverse Split]
Exchange traded funds that invest in Nasdaq stocks will figure prominently this week as tech giant Cisco (NasdaqGS: CSCO) trots out its quarterly numbers. One Wall Street analyst trimmed his price target on the stock ahead of the results on Wednesday. “We believe recent restructuring announcements reflect management awareness of an increasingly competitive environment that mandates focus and enhanced productivity,” said Matthew S. Robinson at Wunderlich Securities in a note Monday. [Cisco Downgrade, Earning Guide Nasdaq ETFs]
Gregory A. Clay contributed to this article.